Saba Capital buys HFRO shares in open market

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten percent owner of HIGHLAND OPPORTUNITIES & INCOME FUND (HFRO), reported an open-market purchase of 123,589 shares of common stock. The shares were bought at a price of $6.88 per share, bringing Saba Capital’s indirect holdings to 5,976,204 shares after the transaction.

Insights

Closed‑end fund governance analyst

Saba Capital added HFRO shares in a sizable open-market purchase.

Saba Capital Management, L.P., identified as a ten percent owner of HFRO, executed an open-market purchase of 123,589 common shares at $6.88 each. Following this trade, it indirectly holds 5,976,204 shares, according to the filing.

The transaction is classified as a straightforward open-market buy with no derivatives involved, and there are no remaining derivative positions disclosed. As a result, the filing reflects a net increase in Saba’s equity exposure to HFRO rather than option exercises or tax-related movements.

The net-buy classification in the summary and the absence of 10b5‑1 or similar footnote disclosures suggest this was not characterized as a pre-planned trade in the provided data. The scale versus HFRO’s overall share base is not stated here, so the broader impact must be evaluated against additional public float information.

Insider Trade Summary

Net Buyer: 123,589 shares

Net Buy 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Bought 123,589 shs ($850K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	123,589	$6.88	$850K

Holdings After Transaction: Common Stock — 5,976,204 shares (Indirect, -)

Key Figures

Shares purchased: 123,589 shares Purchase price: $6.88 per share Shares after transaction: 5,976,204 shares +2 more

5 metrics

Shares purchased 123,589 shares Open-market purchase of HFRO common stock

Purchase price $6.88 per share Price paid for HFRO common stock on purchase date

Shares after transaction 5,976,204 shares Indirect HFRO holdings following the reported trade

Transaction code P Purchase in open market or private transaction

Ownership type Indirect (I) Saba Capital’s reported nature of ownership in HFRO

Key Terms

open-market purchase, ten percent owner, indirect ownership, Form 4

4 terms

open-market purchase financial

"transaction_action: "open-market purchase" for HFRO common stock"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

ten percent owner regulatory

"Saba Capital is flagged with is_ten_percent_owner set to 1"

indirect ownership financial

"ownership_type is reported as "indirect" with code "I""

Form 4 regulatory

"Insider activity is disclosed through a Form 4 filing"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

What did Saba Capital Management report in the latest HFRO Form 4 filing?

Saba Capital Management reported buying 123,589 HFRO common shares in an open-market transaction at $6.88 per share. After this purchase, its indirect holdings increased to 5,976,204 shares of Highland Opportunities & Income Fund common stock, according to the Form 4 disclosure.

Was the HFRO transaction by Saba Capital a buy or a sell?

The HFRO transaction was a buy. Saba Capital Management executed an open-market purchase of 123,589 common shares, classified under transaction code “P.” This code indicates a purchase in the open market or a private transaction, rather than a sale or derivative-related movement.

At what price did Saba Capital buy HFRO shares in this Form 4?

Saba Capital bought HFRO common stock at $6.88 per share. The transaction involved 123,589 shares acquired in an open-market purchase, as indicated by the transaction_price_per_share field in the Form 4 data for Highland Opportunities & Income Fund.

How many HFRO shares does Saba Capital hold after this reported transaction?

After the reported purchase, Saba Capital’s indirect holdings total 5,976,204 HFRO common shares. This figure comes from the Form 4’s total_shares_following_transaction field, which reflects Saba Capital Management’s position following the 123,589-share open-market acquisition.

Is Saba Capital considered a major or ten percent owner of HFRO?

Yes, Saba Capital is identified as a ten percent owner of HFRO. The Form 4 data flags Saba Capital Management, L.P. with is_ten_percent_owner set to 1, indicating beneficial ownership of at least ten percent of Highland Opportunities & Income Fund’s registered equity securities.

Are Saba Capital’s HFRO holdings reported as direct or indirect ownership?

Saba Capital’s HFRO holdings in this Form 4 are reported as indirect ownership. The transaction entry uses the ownership_type and direct_or_indirect fields as “indirect” and “I,” indicating the position is held indirectly rather than directly in Saba Capital’s own name.

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Accepted by SEC EDGAR 06/11/2026 - 10:52 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NEW YORK 10174

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HIGHLAND OPPORTUNITIES & INCOME FUND [ HFRO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/09/2026		P		123,589	A	$6.88	5,976,204	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	06/11/2026
	Boaz Weinstein	06/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)